Have you heard of Fuliza ya Biashara, a brand-new service from Safaricom? It is a game-changer for Kenya’s small and micro companies, giving them access to affordable loans to support their growth.
Fuliza ya Biashara, an overdraft facility that enables credit extension to business owners with M-Pesa Business tills when their accounts reach zero or have insufficient funds to complete a transaction, was introduced on May 4, 2023, by telecom giant Safaricom PLC in partnership with KCB Bank Kenya.
More than 500,000 companies that have integrated till services into their operations, according to Safaricom CEO Mr. Peter Ndegwa, can use Fuliza ya Biashara to get short-term credit of up to Ksh400,000 to support their corporate requirements.
How to utilize Fuliza ya Biashara
All business owners with active M-Pesa until numbers older than six months from the registration date can use Fuliza ya Biashara. Unfortunately, Pochi La Biashara users cannot tap into this overdraft facility to cover their financial shortfalls.
Users of the M-Pesa business service can enroll in Fuliza ya Biashara in the following ways:
- From the authorized Safaricom Mpesa Till number, dial *234#
- Access the “Mpesa Business Till”
- Choose “Business Loans.”
- Choose ‘Fuliza ya Biashara’.
- Accept the facility’s terms and conditions.
- Type in the user ID.
- Type in the user PIN.
Your assigned limit will be stated in a text message you receive after successfully registering for Fuliza ya Biashara. Fuliza ya Biashara limits can be withdrawn from M-Pesa agent locations or to a designated number, and they can be used to complete Paybill and Buy Goods and Services transactions on Lipa na M-Pesa category.
The launch of Fuliza ya Biashara intends to expand up small business operations by giving business owners more financial breathing room when they are in a fix and need to handle urgent customer transactions or meet varied client needs.